@SLBenfica 4 @CelticFC 1. This isn't about one bad night in Lisbon. Benfica are in our Celtic Paradox paper for a reason: a club owned by its members, close to 300,000 of them, that turns its academy into first-team players and transfer income year after year, and plans to compete in Europe every season. A balance sheet is a means, not a trophy. Celtic's board has turned a football club into a savings account: £66.4m in the bank at 30 June, revenue down 22.7%, and no published plan for what the money is for. Yes, £31.6m went on signings this summer. Spending isn't a plan. A plan tells the owners what the money should achieve and how they'll know if it worked. Celtic publishes none of that. No multi-year strategy with targets. No capital allocation policy. No academy plan. Not one of our twelve governance asks met at our last review. That model is a choice. Shareholders can ask the board to make a different one. Fans already own shares in this club. Use them at the AGM: give your proxy, come to the meeting, ask the question. Members' Night, Wednesday 21st October, Glasgow. Join us celticsupporters.net